Greek financial woes

[carbinemike]

Is anyone else watching the events in Greece, wondering how far and fast the EU will crash and how badly it will affect the U.S. It seems like Spain is about a year behind Greece.

 

[MossLvR]

This is not surprising and goes back to the credit default swaps sold to them by Morgan Stanley (?) B4 they joined the EU.......basically they both fuddged the credit outlook and the accountants signed off on it....we have to keep fudging and prolong the crash or bite the bullet now.

Sent from my HTC Vision using Tapatalk 2

 

[John A.]

This is no surprise and even former Pres. GWBII knew what was transpiring, even 4 years ago.

It was a mistake to change all their currency to a 1 market Euro.

Some countries have done very well (financially), while others, obviously not so well.

 

[MossLvR]

What needs to be properly(in depth) looked is who made money from this situation and then the motive to play with the numbers would be obvious. The real players were hedging against this failure while precipitating this opportunity.

 

[carbinemike]

I have no doubt that the crisis is due to the usual suspects (banksters). How far will it plummet though? A second recession (did we ever finish the first one?) a great depression or worse? I have heard predicions that Greece will be bad off all the way to they will fall into a civil war.

 

[carbinemike]

Looks like the citizenry is starting a run on the banks trying to get their money out before it hits the fan.

 

[John A.]

I can't really blame them for wanting their money. It would be no different here in the states.

According to what I just read at yahoo, looks like JPMorgan is in distress right now too.

http://finance.yahoo.com/news/jpmorgans ... 03486.html

The trading losses suffered by JPMorgan Chase have surged in recent days, surpassing the bank's initial $2 billion estimate by at least $1 billion, according to people with knowledge of the losses

 

[carbinemike]

I don't blame them either but runs on banks is a bad econimc indicator.

If I gamble and lose it is my loss, I understand that. The same needs to apply to JP Morgan.

 

[Tom396]

I think it's gonna get worse, before it gets better:

http://www.ibtimes.com/articles/342458/ ... r-bbva.htm

I've never lived through a depression, but I know some who have...my father, included. It significantly impacts the way they look at and value things to this very day. Take care. Tom Worthington

 

[MikeD]

The situation in Greece scares me, I hope it's not a preview to what we are to become.

 

[carbinemike]

Tom, thanks for the link. Greek unemployment is about 22% overall and 54% for young people. The U.S. unemployment rate during the great depression was about 25%. The real U.S. unemployment rate is usually about double the governments number which I believe is based on peopls signed up for unemployment benefits. It doesn't count people whose benefits ran out and those that just quit looking and say went into an unintended retirement. Our unemployment rate probably pushed 18-20% or so 2 years ago. I wonder if this isn't a 2nd great depression? You may have something more in common with your Dad. On a lighter note does the 396 in your screen name refer to a particular kick butt big block engine?

MikeD it scare me too. I read over a year ago that we are on the same path as Greece which spent itself into oblivion. The people were told they'd be taken care of by the government and they don't want to deal with losing that. I can't believe we'd be any different when the $$$ pipeline gets the valve turned off. Here's hoping we don't have it happen here.

 

[Tom396]

On a lighter note does the 396 in your screen name refer to a particular kick butt big block engine?

Yes. Take care. Tom Worthington.

 

[MossLvR]

The situation in Greece scares me, I hope it's not a preview to what we are to become.

Once, under Clinton final term then Bush Jr., they allowed Commercial and Investment banking to not be distinct of each other, they simulated fake growth in the financial sectors and promoted basic but complex gambling vessels with clients monies. Now, the money just disappears to the top and never circulates again..............recipe for collapse: house of cards.

 

[carbinemike]

I have heard our system described as a house of cards and also a ponzi scheme.

I was disappointed today to hear that Obama was coaching the EU to back off on the austerity measures today. They'd be fools to take economic advice from him. If I ran my personal finances like DC I'd be put into jail.